A huge increase in the price of Bitcoin

Al-Iqtisadiah from Riyadh

The price of the cryptocurrency Bitcoin has risen 1.9 percent since 5 pm Saturday (New York time), to ten thousand and 109 dollars at 12 o'clock yesterday, in New York, according to the Luxembourg-based cryptocurrency exchange, Bitstamp.

Yesterday, Bloomberg News reported that the price of the cryptocurrency "Ethereum" also rose by 2.1 percent to $ 228.

The price of the "Ripple" cryptocurrency rose by 0.8 percent to 28 cents, according to "German" quoted.

Meanwhile, the price of the cryptocurrency "Lightquin" decreased by 0.7 percent to $ 77.

Bitcoin prices fluctuated, with an average of 3.4 per cent, as it was traded at rates between $ 9,840 and $ 10179.

The currency is 49 per cent lower than the high level it recorded on December 17, 2017 of $ 19,666.

This comes at a time when mining companies are using the power of computing to approve transactions in a certain digital currency and add them to the "Blockchain", or the activity's digital ledger. Computer systems compete to solve complex mathematical problems, by testing equations as part of authenticating the latest data in the network. Whoever breaks the cipher, it will give the authorization for the transaction - and retain some of the newly coined digital currency, as a reward for it, in return. Managing these systems requires specialized devices and huge amounts of electricity, much like a data center. So far, many commercial digital currency mining operations have been established in countries such as China, Iceland, Russia and Kazakhstan, taking advantage of abundant and cheap energy resources, in addition to low temperature levels, which play the role of a natural cooling system for the rows of equipment that makes noise, which is Among the range savings is helping industry activities to achieve full employment levels and maximum productivity.

The meticulous characterization of the Bitcoin mining market, which was previously thought to be the turnaround and hence the unlimited launch of the aspirations of unconventional startups, or individuals or groups of tech geeks in their bedrooms, has reached the point of exploding by the time it arrived Cryptocurrency prices are sky high, and industry entrepreneurs have pursued massive profit margins, in real time.

And there is the industry's broader infrastructure, which supports mining companies, and has also expanded at a similar record speed, taking advantage of the massive boom in the industry, driven by the huge and realized accumulated values.